The defender, who can also play in midfield, was brought to Selhurst Park last summer by Frank de Boer but has found his opportunities severely limited since the Dutch manager was sacked and replaced with Roy Hodgson.
According to the Times (via the Chronicle) Newcastle could be set to bring the 21-year-old to St. James' Park as manager Rafael Benitez looks to add to his squad ahead of the new season.
Riedewald has already turned down a move to relegated Swansea City this summer but will expect to be playing his football elsewhere over the coming year, with little chance of a return to first-team action under Hodgson.
Having made his debut for the Netherlands days before his 19th birthday back in 2015, Riedewald has been considered a talented player from a young age and undoubtedly still has a lot to offer, with the defender still a month shy of turning 22.
Newcastle have made a number of signings this summer, most notably the purchases of strikers Salomon Rondon from West Bromwich Albion and Japanese World Cup star Yoshinori Muto from Mainz. The Magpies have also brought in midfielder Kenedy on loan for the season from Chelsea after the Brazilian impressed at the club during the second half of last season.
Though some new faces have been brought to the club, there is still growing tension between Benitez and Newcastle's controversial owner Mike Ashley, with the Spanish manager demanding that more money be invested into the team in order to repeat the impressive feat of finishing in the top half of the table last season.